DailyFinance.comhttp://www.dailyfinance.comDailyFinance.comhttp://o.aolcdn.com/os/df/2013/img/2-dailyfinance_logo_m.pngDailyFinance.comhttp://www.dailyfinance.comen-usCopyright 2015 Weblogs, Inc. The contents of this feed are available for non-commercial use only.Blogsmith http://www.blogsmith.com/3 Small-Business Legal Myths Bustedhttp://www.dailyfinance.com/2014/06/30/3-small-business-legal-myths-busted/http://www.dailyfinance.com/2014/06/30/3-small-business-legal-myths-busted/http://www.dailyfinance.com/2014/06/30/3-small-business-legal-myths-busted/#commentsFiled under: Small Business, Small Business Advice, Entrepreneurs, Tax LawsGetty Images/Blend ImagesBy Natalia Angulo

Might some legal myths be standing between you and your dream business?

Attorney, author and The Small Business Expert Susan Solovic says too often would-be entrepreneurs get stalled by legal myths that can be debunked with a little help from a pro and a smart spending plan.

Not thinking you need to set up a legal entity because you are not running a "risky business" is the most common legal myth. Solovic calls that thought process naive, explaining the legal system today makes it so that anybody can sue anybody, so the risk is always there.

"When you have a separate legal entity for your business, you have a layer of protection between you and your personal identity, your personal liability," she says. "If someone wants to sue you, they have to sue your business."

She says the number one reason people forgo establishing a legal entity is the cost. But, she says, there are great, inexpensive (sometimes even free) resources on the Internet offering help, such as BizFilings.com , LegalZoom.com and NOLOpress.com . Still, she cautions that these resources are there to help guide you through the process, not offer actual legal advice, so investing in an attorney or CPA is always worth it.

Myth 2: Copyrights and Cyberspace

"Here's the thing, if you don't see the copyright notification that doesn't mean that it's fair game," Solovic says. She has found time and again that people will grab blog posts or quotes or photos from the web and post them on their sites without asking for permission, or even giving credit to the source.

"A copyright attaches the minute an original idea is fixed to a tangible medium," she says, adding that if the notice is not immediately visible, it's just fair to assume it's copyrighted. For example, she explains when somebody asks for permission to repost a blog post she's written, she's happy to say yes as long as the person gives her attribution and links back to the original post.

"It's just better to ask and find out ahead of time, then be slapped on the wrist later," Solovic says.

And it's not always a mere slap, because penalties for copyright infringement can run from a few hundred dollars to hundreds of thousands of dollars, and sometimes even criminal charges.

Myth 3: Setting Up Your Business, What You NEED

Taking precautionary measures to insure your business, even if it means spending more money upfront, could save you in the end. Solovic explains that "without getting that professional advice, you can overlook something."

Hiring a CPA and attorney early on are critical elements, which Solovic likens to purchasing insurance for your home.

"Before you know it, you've been in business three, four years and it flares up," she says. "And not only will it cost you thousands of dollars to fix the problem, it can often put you out of business."

Bottom Line (About Partnerships)

Going into business with your best friend, sister or husband may sound like a great idea, but in the case that business slows and the relationship sours, Solovic suggests crafting a business version of a marriage prenup.

In an ideal world, you would be able to do business on a handshake, but as Solovic explains, it's important to get the terms of the venture in writing so everyone is clear on what the expectations are, what the deliverables are, whose going to pay whom, when and everything in between.

"People have very short memories and those handshakes don't stand up in court."

If you asked Americans 10 years ago what their biggest fears were, chances are many would have said domestic terrorism. Today, another type of criminal has U.S. citizens on edge: the cyber thief.

While national security is still a big worry, a recent survey of 1,000 Americans by IT firm Unisys identified financial security such as credit card fraud as the biggest security concern for 2014.

Perhaps to blame are the growing number of high-profile attacks. The December Target (TGT) breach led to the theft of 40 million card accounts, and 70 million names, emails and addresses.

"Security threats against enterprises have grown exponentially -- in size, scope and sophistication," Unisys said in the report. "While cloud computing, BYOD and social media are changing the rules of the game for enterprises, they have intensified security challenges for CIOs and CSOs like never before."

For the first time since the advent of the Internet, cyber security is now a boardroom and c-suite-level issue. Target's CEO and CIO both stepped down because of the breach -- and chances are this isn't going away anytime soon.

1. Financial Security

Financial security was the top concern among Americans polled, notably the abuse of their credit card data. Fifty-nine percent of Americans polled -- up from 52 percent last year -- said they are now "seriously concerned" about the possibility of their card information falling into the wrong hands.

Thirty-seven percent of Americans in the Unisys poll also said they were worried about the security of online shopping and online banking, up from 34 percent last year.

"Businesses that ignore the risk of data breaches do so at their own peril," Unisys said.

2. Identity Theft

The thought of having a person impersonating your identity is almost as frightful. Fifty-seven percent of Americans in the survey said they were seriously concerned about someone gaining access or misusing their personal information.

Some 16.6 million U.S. residents over the age of 16 were victims of at least one incident of identity theft in 2012, amounting to more than $24.7 billion in direct and indirect losses, according to the latest Victims of Identity Theft report by the Bureau of Justice Statistics.

3. Terrorism

Of course, war and terrorism are still major concerns -- third on this list.

Forty-seven percent of Americans (about the same as last year) listed war and/or terrorism, as well as other issues affecting national security, as major worries in 2014.

This comes as unrest spikes in other parts of the world, including in Russia and Ukraine, and about a year after the Boston Marathon bombing -- the worst domestic terrorist attack since Sept. 11, 2001.

There's a battle brewing in the teeth-whitening industry between the world's largest consumer-products company and one that has three U.S.-based employees.

Procter & Gamble (PG), the maker of Crest 3D White Whitestrips, has filed a patent infringement lawsuit against Clio, the maker of teeth-whitening strips for private-label brands and a subsidiary of a South Korean company.

P&G filed the lawsuit against Clio USA's distributor in 2012 and the following year accused Clio USA of infringing on three P&G patents that are essential to its Crest 3D products. Clio, which launched in 2009 and is headquartered in New Jersey, provides private-label teeth whitening kits to several stores, including Target (TGT), Rite Aid (RAD) and Sears Holdings' Kmart (SHLD). These generic store brand whitening strips are often sold for around one-third the price of brand-name products.

"We are fighting this battle and aren't backing down," says Peter Cho, a vice president at Clio USA. "It's taking a lot of time and resources, but we will see this through. This is an attack from a big corporation on small businesses."

When asked about the lawsuit and the proceedings, P&G said in an email statement that the company "makes significant investments in the innovations behind our products, and it is our lawful right to protect these innovations."

In 2013, Cho says total sales to two distributors came in at around $2.6 million, which translates into $7 million when converted into retail price, giving Clio a 2.6 percent market share. The teeth whitening industry has a total market size of close to $3 billion.

He also claims, based on an email from a seller, that P&G put pressure on Target, Clio's largest account, to drop the company's products. Target represents around $3 million in annual sales for Clio.

Target spokeswoman Sarah Van Nevel told FOXBusiness.com that the dispute didn't involve the retailer, and questions about whether or not generic whitening strips were no longer going to be stocked at stores went unanswered.

"With regards to the issue you've inquired about, this is between Target vendors and doesn't involve Target. Any additional questions on the issue should be directed to the respective parties," she wrote in an email.

Target's website says Clio's products "are not sold in stores," but some of its products are still available in some stores across the country. Clio says any inventory is left over from the last order.

"This means that consumers have limited and more expensive choices because of P&G's actions," Cho says.

David Berry, patent attorney and law professor at Thomas M. Cooley Law School, says the removal of the products could be a protective move. "You are liable of infringement if you make, sell, offer for sale or import a product under patent infringement."

He adds that the threat of being sued for selling a product, even as a distributor, can be significant. "I would imagine P&G is a big customer to Target. I am not sure Target is motivated by the threat of litigation or just maintaining good relations with P&G. There is nothing wrong to say in good faith that 'this guy is infringing and you shouldn't carry it.'"

Cho claims that P&G's infringement claims are invalid citing differences between the products and that the inventions and technology claimed in the patents already existed prior to P&G's claim to them.

This isn't the first time P&G has claimed patent infringement over its teeth-whitening products. In 2008, it sued Johnson & Johnson (JNJ) and McNeil-PPC Inc., the manufacturer and distributor of Listerine Whitening Quick Dissolving Strips, for patent infringement. Johnson & Johnson stopped making its whitening products after being slapped with a lawsuit, as did Be-Well Marketing, a private-label manufacturer and distributor of whitening strips in 2012.

Clio filed a inter partes review with the United States Patent and Trademark Office to prove that it is not infringing on the patents. IPRs were created in September 2011 as part of the American Invent Act to reduce the amount of patent litigation cases, explains Berry. The patent office started hearing these proceedings in 2012.

In order to qualify for an IPR, individuals must first petition to prove there is "reasonable likelihood that at least one claim is defective or invalidated," says Berry.

Cho says his petition has cleared this first hurdle, and the proceedings will start in July. The patent office strives to complete IPRs in a year, which tends to be much quicker than normal court proceedings.

P&G's lawsuit was filed in Cincinnati, where its headquarters are located, and is scheduled to start later this summer in August.

"Because IPRs are going to be resolved within a year, if the patent office ends up rejecting a claim in the IPR process, it can make the lawsuit go away. Many federal courts have been staying for the result of the IPR proceedings," says Berry.

In its search for a new chief executive, Target (TGT) is expected to look near and far for someone to take charge of its response to last year's wide-scale data breach.

The surprise announcement of Gregg Steinhafel's departure on Monday came five months after a massive hack during the holiday season. Steinhafel, a 35-year veteran of the company, resigned as chairman, president and CEO on Monday. Chief financial officer John Mulligan will serve as CEO on an interim basis.

The cyberattack, which compromised 40 million credit cards and 70 million accounts containing personal information, still hangs over Target. The company's stock is down about 5.5 percent since the company revealed details of the hack on Dec. 19.

But the breach is just one of the challenges awaiting Target's next CEO.

The company has gotten off to a lackluster start in Canada, where Target opened its first stores last year. While Target was a familiar brand to Canadians who would travel across the border to shop at the third-largest U.S. retailer, many shoppers have balked at higher prices back home.

Target has also fallen behind in the e-commerce battle with rivals like Walmart Stores (WMT), the world's top retailer.

The retailer has "faced its share of difficulties, from the worst recession in our lifetime, to a high profile proxy context, and most recently, a slow start in Canada and the 2013 data breach," Steinhafel wrote in a letter to Target's board.

Last week, the company named Bob DeRodes to the new position of chief information officer to lead Target's technology operations. Target plans to incorporate MasterCard (MA) chip-and-PIN technology, hoping to bolster the security of its own REDcard program.

The data breach helped drag earnings 46 percent lower in the fourth quarter. Sales came in stronger than expected during the holiday season but "softened meaningfully" following Target's disclosure of a breach, Steinhafel said in the earnings report.

At the same time, his abrupt exit caught Wall Street off-guard. Target shares dropped 3.5 percent to $59.87 on the news.

"When the breach occurred, it was all hands on deck to find a solution. I wouldn't have expected [Steinhafel's resignation] any earlier, but I was surprised it happened today," said Paul Trussell, a retail analyst at Deutsche Bank (DB). "This is quite the surprise. I would have expected more of a transitional phase."

Analysts anticipate that an outsider will take the helm at Target. Trussell said the company lacks a deep bench to choose from. David Strasser, an analyst at Janney Montgomery Scott, also believes the company will look elsewhere for a new CEO.

Trussell cautioned that finding an external candidate within the retail industry may prove to be difficult, given non-compete clauses that prevent executives from quickly jumping to a rival company.

He said Gerald Storch, Target's former vice chairman, is a possible candidate. Storch helped create Target.com before becoming CEO of Toys "R" Us. He now runs an advisory firm, Storch Advisors. In January, Storch was named chairman of grocery chain Supervalu (SVU).

"Storch is maybe a best of both worlds for Target," Trussell said.

Jenkins said Target is conducting a comprehensive CEO search and will look inside and outside the Minneapolis-based company. Target will also consider candidates from outside the retail industry.

The company retained executive search firm Korn/Ferry (KFY) to help Target find a new top executive.

"With Target, it would definitely have to be someone outside the company. And it doesn't have to be someone in retail," Strasser said. "It could be anybody, even somebody who's happy with their current job. This is a pretty interesting opportunity."

Strasser noted the success Best Buy has experienced since Hubert Joly, former CEO of hotel operator Carlson, took over as CEO.

Home Depot's (HD) Frank Blake, who was named to the top post in 2007, came to the home-improvement retailer in 2002 with experience as a government official and General Electric (GE) executive.

During Steinhafel's tenure as the head of Target, the stock was up 14.9 percent compared to a 35.3 percent gain for the broader S&P 500 (^GPSC). A fresh face at Target could help assuage concerns over the retailer, which has only had two CEOs since 1994, and the continued cyberattack fallout.

Trussell said Target's next CEO needs to address missteps online, where Walmart has superior fulfillment options and a faster website, and reset the bar on its earnings outlook, which runs through 2017.

"I don't believe they're on track to hit their long-term guidance," he added.

Steinhafel's departure also reignited worries over the near-term. The retailer is due to report first-quarter results later this month, and Target appeared to be turning a corner after a bumpy end to 2013.

With the change at CEO, the market is showing concerns that Target could actually be falling back, Trussell said.

Thirty-eight million American households, which is roughly one-third of all U.S. families, live hand to mouth, according to a new report. But a majority of them are not technically considered poor -- and in many cases, have made good investments.

New research from the Brookings Institute shows that roughly 25 of the 38 million Americans living paycheck to paycheck have a median income of $41,000, which is in line with the national median income of $43,000.

"Many households are saving," explains Greg Kaplan, an assistant professor of Economics at Princeton University and co-author of the study. "They are just not saving in liquid forms, and the data shows that's not necessarily bad because illiquid investments are generally better investments."

These illiquid assets, which Kaplan says are mostly homes and retirement accounts, make it hard for people to access any of their value. So, especially in a tough labor market, that cash cushion is not readily available for many.

The data also finds that often times for this group, the living-paycheck-to-paycheck situation is not permanent. That distinguishes these Americans from the estimated 12 million considered "poor Americans living hand-to-mouth" with income about half of their counterparts' at $21,000.

"The study suggests that this is not a label stamped on their head," says Kaplan. "It's a phase for the households, happening once or during periods of time."

This group, coined the "wealthy-hand-to-mouth," has substantial investments and is generally older, with a peak age of 40. The poor -hand-to-mouth" pool is most frequently younger with little or no assets. On top of living paycheck-to-paycheck, both groups have "large marginal propensities to consume out of small income changes -- a key determinant of the macroeconomic effects of fiscal policy," the report says.

That means, they respond to stimulus policies much the same way as those with no assets, spending all of their extra disposable income almost immediately.

This huge group of Americans, which Kaplan points out has been around in similar numbers since the 1980s but have not been looked at closely, redefines the image most might have of those living hand-to-mouth.

"Often times, people are impulsive, and so it may be a good thing to put your money [into a house or a retirement account]. There are the unlucky few where it isn't a good idea, but most times it is," says Kaplan. "Living paycheck to paycheck isn't exclusive to the poorer pool of people but it is, in fact, creeping into the middle class."

Twitter (TWTR) reported a top- and bottom-line beat late Tuesday and attributed a 119 percent increase in revenue to user and engagement growth, however its shares were pummeled after hours by skittish investors unhappy with the pace of acceleration.

Monthly active users were up 25 percent year-over-year to 255 million as of March 31, slightly below Wall Street's expectations of 256.8 million MAUs.

That seems to have spooked investors, as analysts have long expressed concern about the pace of Twitter's user growth.

Advertising revenue per thousand timeline reviews grew 96 percent to $1.44 -- important as the company readies to roll out another 15 new ad types.

The company's guidance was mostly in-line with expectations; however, its shares dropped more than 9 percent to $38.74 in after-hours trade.

The microblogging site projected revenue in the range of $270 million to $280 million for the second quarter and $1.2 billion to $1.25 billion for fiscal 2014. Analysts on average were calling for second-quarter sales of $272.9 million on full-year revenue of $1.24 billion.

The company reported a GAAP loss of $132 million, or 23 cents a share, compared with a year-earlier loss of $27 million. Excluding $126 million of stock-based compensation, Twitter said it earned $183,000.

It also reported break-even adjusted earnings per share -- the closest it has come to profitability -- which is better than the three-cent loss predicted by analysts in a Thomson Reuters poll.

Revenue for the three-month period was up 119 percent to $250 million from $114 million a year ago, topping the Street's view of $241.5 million.

"We had a very strong first quarter. Revenue growth accelerated on a year-over-year basis, fueled by increased engagement and user growth," Twitter CEO Dick Costolo said in a statement.

The report comes a quarter after the social network said it added a disappointing 9 million users, causing the company's stock in plunge 20 percent.

Since then, Twitter has been busy upgrading the service, which now resembles the Facebook (FB) News Feed, as well as rolling out an aggressive ad expansion. It has also acquired new data analytics firms and made strides toward social television.

Ford (F) has reportedly settled on current Chief Operating Officer Mark Fields to succeed Alan Mulally, the carmaker's highly respected chief executive credited with reviving the company and steering it through the worst economic crisis since the Great Depression.

Mulally, 68, had previously announced that he would stay with the automaker at least through this year.

Citing sources with knowledge of the situation, Bloomberg News said the announcement could come before May 1.

A Ford spokesman declined to comment on the reports.

The company issued a statement reading, "There is no change from our previous announcements and we do not comment on speculation. We take succession planning very seriously, and we have succession plans in place for each of our key leadership positions. For competitive reasons, we do not discuss our succession plans externally."

Ford, the second largest U.S. car maker, was the only Big Three Detroit auto maker not to file for bankruptcy or accept government bailout funds during the worst of the recent financial crisis.

Mulally is widely expected to accept another high-profile corporate leadership position after transition out of Ford. He was reportedly strongly considered to replace Steve Balmer as CEO of Microsoft (MSFT).

Fields, 53, is a 25-year veteran of Ford. It was assumed he was being groomed as Mulally's successor when he was named COO in December 2012.

General Motors (GM) was fined $28,000 by the top U.S. auto safety regulator for failing to respond to all of its questions related to the automaker's ignition-switch recall.

The National Highway Traffic Safety Administration gave GM a deadline of April 3, at which time the company said it answered nearly 65 percent of the agency's 107 questions. However, NHTSA typically gives car manufacturers more time to file responses as long as they continue to submit documentation.

NHTSA said the civil penalty is based on each day GM has been late in filing a complete response. It plans to fine the Detroit-based company $7,000 for each additional day its response remains incomplete.

"GM has worked tirelessly from the start to be responsive to NHTSA's special order and has fully cooperated with the agency to help it have a full understanding of the facts," the company said in a statement.

According to GM,

it has produced nearly 21,000 documents with over 271,000 pages through a production process that spans a decade and over 5 million documents.

"Even NHTSA recognizes the breadth of its inquiry and has agreed, in several instances with GM, to a rolling production schedule of documents past the April 3rd deadline," GM added.

GM said it will continue to answer NHTSA's questions "with a goal of being accurate as well as timely."

A NHTSA spokesperson didn't immediately respond to a request for comment.

GM, the nation's largest automaker, has come under scrutiny for a years-long delay in recalling 2.6 million vehicles to address the defective ignition switches.

The problem, which affects 2.3 million cars in the U.S., can cause vehicles to stall and cut off power to air bags. GM has said the defect can be connected to 13 deaths.

GM is sending letters to affected owners this week to begin the repair process. Parts are on their way to dealerships, and the letter instructs drivers to schedule a service appointment.

Herbalife (HLF), the controversial nutrition company under assault from billionaire Bill Ackman, has disclosed it has received a civil investigative demand from the U.S. Federal Trade Commission.

The news, which was first reported by Fox Business's Charlie Gasparino, represents a blow to a company that Ackman has bet more than $1 billion against amid claims it operates an illegal pyramid scheme. Herbalife's shares tumbled as much as 21.3 percent from their intraday highs on the disclosure.

The FTC's demand is similar to a subpoena and represents confirmation Herbalife is under investigation.

Ackman, head of hedge fund Pershing Square, has been pressuring lawmakers and civil groups to call on regulators to probe Herbalife's business practices for more than a year.

"Herbalife welcomes the inquiry given the tremendous amount of misinformation in the marketplace, and will cooperate fully with the FTC," the company said in a statement Wednesday. "We are confident that Herbalife is in compliance with all applicable laws and regulations."

Herbalife didn't disclose the scope or focus of the FTC investigation.

The nutrition company said it doesn't plan to make additional comments on the FTC matter unless there are "material developments."

Shares of Herbalife tumbled to as low as $54.59 after trading resumed following the FTC disclosure, representing a 16.5 percent tumble from Tuesday's close and a 21.3 percent plunge from intraday highs of $69.41.

Herbalife closed down 7.37 percent on the day at $60.57.

Despite the enormous pressure from Ackman, Herbalife ended the day almost 43 percent above its close of $42.50 on Dec. 18, 2012, the day before the hedge fund giant first publicly disclosed a $1 billion short bet.

The regulatory action impacted shares of other multilevel marketing companies, including Nu Skin Enterprises (NUS), which turned negative after having been up as much as 11.9 percent earlier in the day. Nu Skin was recently trading up 0.78 percent to $73.68.

According to the FTC, a civil investigative demand, or CID, may require the recipient "file written reports or answers to questions." Recipients may file petitions to limit or quash CIDs.

The FTC news comes just days after The New York Times published a lengthy examination of Ackman's campaign to convince regulators to probe Herbalife, action that should help ease his losses on the short bet.

The story recapped Ackman's tireless efforts, including organizing letter-writing campaigns and public demonstrations and even paying nonprofit groups to encourage them to support his efforts. Some people identified as letter writers told the paper they had no recollection of writing about Herbalife.

A federal judge ordered former Goldman Sachs (GS) bond salesman Fabrice Tourre to forfeit a $175,000 bonus and pay a $650,000 fine for misleading investors in the run up to the 2008 financial crisis.

A jury in August found Tourre guilty of defrauding investors in one of the few cases in which a Wall Street executive faced a trial in connection with actions regulators said contributed to the economic meltdown.

Tourre was charged by the Securities and Exchange Commission with lying to investors

while marketing a complicated investment product called a collateralized debt obligation filled with shaky mortgage loans that Tourre knew would likely plunge in value.

U.S. District Judge Katherine Forrest ordered Tourre to turn over the $175,463 in bonus money and prohibited him from seeking reimbursement from Goldman Sachs for the $650,000 fine.

Specifically, the SEC claimed that in 2007 Tourre, then a 28-year-old vice president with Goldman, worked with hedge fund guru John Paulson to create an investment product called Abacus 2007 AC-1 loaded with mortgage-backed securities that both Tourre and Paulson expected to sour.

Tourre was accused of failing to reveal Paulson's role and, moreover, not telling investors that Paulson was betting the securities would tank.

Tourre became notorious partly due to an email he sent to a former girlfriend in which he not only referred to himself as "Fabulous Fab" but also seemingly made light of his role creating investment products at Goldman that were bound to fail once the U.S. housing market collapsed.

For renters sitting on the sidelines trying to decide whether to take the leap into homeownership, the move is still in their favor.

A recent report from Trulia shows that buying a home is 38 percent cheaper than renting in all 100 large U.S. metro markets. But the gap is narrowing as home prices and mortgage rates rise -- last year it was 44 percent cheaper to buy across the nation.

"Mortgage rates are still very low by historical standards, and prices increased a lot in 2013 and will continue to do so this year, but you have to remember they're climbing from such a low level," says Jed Kolko, chief economist for real estate website Trulia (TRLA).

The savings of buying over renting vary across the country: In Honolulu, it's 5 percent cheaper to buy and in Detroit it's 66 percent cheaper to become a homeowner.

To compare costs, Trulia assumed a 4.5 percent mortgage rate on a 30-year fixed-rate loan with 20 percent down and certain tax deductions. If home prices continue to outpace rent prices and mortgage rates increase, Honolulu will be the first market to tip to favor renters, according to the report.

There are areas within the metros where renting is cheaper, specifically Manhattan and San Francisco. In Manhattan, it's 17 percent more expensive to buy this winter, compared to 6 percent from the same period last year. In San Francisco, it's 25 percent cheaper to rent than buy, an increase from 16 percent.

"It's not because rents are low, it's because there is very little inventory," Kolko explains. "The median asking price for a home in Manhattan is above $1.5 million, but rents are still very high in the city as well."

Home prices rose 12 percent in 2013, and are expected to continue to climb this year, but at a slower pace. Uncertainty about home price appreciation can eventually make buying the more expensive option.

Kolko expects home prices to rise this year, but not as much as last year's double-digit growth. "I expect mortgage rates to also rise, so the gap between buying and renting should continue to narrow."

A string of deaths this year has reignited concerns over the high-stress business of banking, and some of the financial industry's largest institutions are beginning to take steps to address the issue.

A JPMorgan Chase (JPM) employee in Hong Kong became the latest banker to jump to his death, falling from the roof of the company's Asian headquarters on Tuesday. Local news reports in Hong Kong said police arrived at the scene but were unable to stop the 33-year-old man from jumping.

At least five bankers have died in apparent suicides since the start of the year. No link between the deaths has surfaced, but news of the incidents brought forward questions over work-related stress in the industry.

In the wake of this year's deaths, JPMorgan and Bank of America (BAC) began reaching out to workers to remind them of available mental health and counseling services, according to FOX Business Network's Charlie Gasparino.

Last summer, a Bank of America intern died after reportedly working until 6 a.m. three consecutive days, prompting a change in the company's guidelines.

Jaime Klein, founder and president of Inspire Human Resources, said employee-assistance programs are now common additions to a company's benefits package for workers.

EAPs might include wellness or fitness programs, as well as a phone number to call if someone is in need of counseling.

"Many companies are starting to proactively address mental health," Klein said, noting how workers often work long hours and wear it as a badge of honor. "In our culture, we're taught to keep a stiff upper lip."

Just three weeks before the incident in Hong Kong, Deutsche Bank (DB) said William Broeksmit, a recently retired executive at the bank, died at his London home. According to police, he was found hanging in his residence.

And shortly after that incident, a 39-year-old male leapt from JPMorgan's Canary Wharf office building in London. Days later, an executive director at the largest U.S. bank was found dead at his home in Stamford, Conn.

Since the economic downturn, it has become increasingly important for companies across all industries to train leaders to look out for signs of depression, Klein said.

"It's important for leaders to be role models," she added. "How can you expect others to work nine hours when you're putting in 14-hour days?"

The highlight of next week's economic calendar will almost certainly be Janet Yellen's testimony before Congress, her first as the newly installed head of the Federal Reserve.

Fourth-quarter earnings are winding down as well, and there's a smattering of economic data due including reports on small-business optimism, consumer sentiment and retail sales.

Yellen will appear Tuesday morning in her first semi-annual monetary policy testimony before the House Financial Services Committee.

Given Friday's tepid jobs report, the second in a row, Yellen will undoubtedly be asked about the Fed's plans to continue gradually scaling back its long-running stimulus policies. The Labor Department reported the U.S. economy had added just 113,000 jobs in January, a little better than the 75,000 jobs added in December, but not much.

Despite the lousy December labor report, other mixed economic data and turmoil in emerging markets, the Fed voted last month to cut another $10 billion from its monthly bond purchase program known as quantitative easing.

The Fed has pointed to an array of indicators beyond the labor market --

GDP and low inflation levels, for instance -- to justify its optimism for continued economic growth. But the members of the Financial Services Committee are going to want lots of details.

The National Federation of Independent Business, which represents about three-quarters of the small businesses in the U.S., releases its NFIB Small Business Optimism Index on Tuesday. The index is a key measure of whether small businesses, which create 70 percent of American jobs, feel optimistic enough to hire.

A report on retail sales is out Thursday and reports on import and export prices and consumer sentiment are out Friday.

It's no secret that our country has a spending problem: both our government and citizens.

"Compulsive shopping is becoming a global problem," says Terrence Daryl Shulman, founder and director of The Shulman Center for Compulsive Theft, Spending & Hoarding. "There are statistics that estimate that anywhere between 6 to 10 percent of Americans have a chronic shopping problem."

While it's hard to guide lawmakers on Capitol Hill on how to curb their spending, there are some triggers that lead consumers to overspend. Whether it's out of boredom or to relieve some stress, over spending can be stopped. Here's how:

Trigger 1: You're Bored

It's easier than ever to hop online when we are bored-from no matter where we are-and find distractions. For some that means checking emails, perusing social media, getting news updates, and watching videos. Others shop.

According to Andrea Bonior, author of The Friendship Fix, boredom or feeling stagnant is a common trigger for compulsive shoppers.

"The idea is, 'if I buy this, I'll get some excitement' or 'maybe a whole new wardrobe will improve the quality of my life,' " says Bonior. While people get an initial high from buying a new pair of shoes, Bonior warns the feeling doesn't last long. To combat the need to shop when bored, experts say people need to identify that is a trigger and be ready to fill their downtime with other activities.

Trigger 2: You Feel Like You Lack Control

For many people, feeling out of control can lead to anxiety and to help regain control they turn to spending, according to Kit Yarrow, author of the upcoming book Decoding the New Consumer Mind.

"Stress is part of all change and so even positive things like having a baby or getting married can cause people to want to shop more to feel like the uncertain future is more under control, "she says.

"This also happens when people are working out a tough problem--they sometimes get an absent-minded sense of relief from shopping."

She suggests people try other activities like taking a walk, chatting with a friend or organizing a closet to regain some control.

"The key is to feel proactive and in control. I especially like organizing and sorting because that same empowering brain action of making choices is involved."

Trigger 3: You're From a Family of Shoppers

For many compulsive shoppers, the need to purchase items is rooted in their family history, claims Shulman.

Family issues like unresolved losses or trauma or growing up in a family where over shopping was normal or where "deprivation of material or emotional nurturing was present" can lead to overspending tendencies, he says.

For compulsive shoppers who have issues with their upbringing, it may be a good idea to avoid stores, online shopping and late-night infomercial watching at all costs, at least in the early stages of treating this condition, he says.

"We also need a good support system of friends, family members and recovery buddies to talk to and stay accountable to. We also need healthier activities to fill the void that will be left from stopping shopping."

Trigger 4: Insecurity

The idea of having to "keep up with the Joneses" resonates with too many people in this country and drains our budgets.

According to Bonior, the insecurity can materialize in different ways. For some, it's all about having what their friends have while others fear missing out on a deal. "Whatever the reason they are trying to fill that deficit," says Bonior.

One way to prevent that trigger from turning into a binge shopping spree is to set spending limits. Only having cash on hand can prevent overspending along with freezing credit cards to fight the urge to use them.

"Sometimes the first step is just being able to look at the bills and see the reality of the situation," says Bonior. "It's very hard to break the cycle unless you have a reality check."

U.S. stocks came under heavy pressure on Friday as concerns about emerging markets flared up as Wall Street looks to close its worst January in four years.

Today's Markets

As of 10:00 a.m. Eastern time, the Dow Jones industrial average (^DJI) dropped 194 points, or 1.2 percent, to 15654, the S&P 500 (^GPSC) fell 17.2 points, or 0.95 percent, to 1777 and the Nasdaq Composite (^IXIC) slumped 35.4 points, or 0.86 percent, to 4088.

January has been a stark contrast to 2013, when the S&P 500 rallied 30 percent. This month alone, the S&P 500 has shed more than 3 percent in its worst start of a year since on a percent basis since 2010.

Global worries boiled back to the surface again on Friday.

Emerging-market currencies took yet blow on the day, with the Turkish lira, South African rand, Russian ruble and others sustaining another hit. Traders said the move came after a slew of small factors -- like commentary from a Hungarian minister -- sent skittish traders ditching risky currencies.

In a sign of the worries about emerging markets, investors yanked $6.4 billion from emerging-market stock funds in the week ended this Wednesday, Reuters reported citing a Bank of America Merrill Lynch report. The outflow was the biggest since August 2011.

On top of that, eurozone inflation cooled to a year-over-year pace of 0.7 percent in January from 0.8 percent in December -- lower than economists expected.

The European Central Bank has dropped interest rates to record lows in a bid to push prices higher and avoid a potentially deflationary situation.

Block added that Friday's action is also being driven by "risk management" as traders adjust positions after what has been a tough month for Wall Street.

"This is not fundamental," he said, "it is pain related."

On the corporate front, Google (GOOG) revealed mixed quarterly results, while Amazon.com (AMZN) missed on both lines. Walmart (WMT) cut its fourth-quarter view to a range just below what it previously said, sending shares of the world's biggest retailer sliding.

The Institute for Supply Management-Chicago's PMI index showed manufacturing in the region slowed to 59.6 in January, slightly higher than Wall Street's estimate of 59, but down slightly from December's 60.8. The new orders sub-component surged to 64.6 from 43.9 the month prior. Readings above 50 point to expansion, while those below indicate contraction.

A reading on consumer sentiment from Thomson Reuters and the University of Michigan rose slightly in late January to 81.2 from a preliminary reading of 80.4 earlier in the month. Wall Street anticipated a reading of 81.

In commodities, U.S. crude oil futures fell $1.06, or 1.1 percent, to $97.17 a barrel. Wholesale New York Harbor gasoline fell 0.66 percent to $2.645 a gallon. Gold rose $6.80, or 0.55 percent, to $1,249 a troy ounce.

The 2013 tax filing season opens on Jan. 31, but it's not just the IRS that is ready for your returns -- so are scammers.

Tax-related scams are becoming more popular and complicated, making it hard for filers to stay protected. The IRS offers the following warnings to help spot potential fraud and reduce your exposure:

Be wary of any unexpected communications claiming to be from the IRS at the start of tax season. If you receive any tax notices, take them to the person who prepared your income tax return to determine their validity and to create a necessary course of action if the notice is legitimate.

Don't talk to anyone claiming to be from the IRS on the phone. The agency will not call you on the phone. Identity thieves will pose as IRS collection personnel or a customer service representative offering you a refund -- all you need to do is provide your personal information. Don't fall for it.

The IRS does not send emails to taxpayers. Never! If you receive an email supposedly from the IRS forward it to phishing@irs.gov. And do not open any attachments.

The IRS will never ask you for your bank account PIN number, passwords or other similar confidential information such as mother's maiden name for bank accounts or credit card accounts.

To help keep your personal information safe, the IRS suggests taking the following actions:

Don't carry your Social Security card or any documents that include your Social Security number or Individual Taxpayer Identification Number. Keep them stored in a safe place away from the eyes of others

Don't give a business your Social Security number or ITIN just because they ask. Give it only when required. If you are self-employed providing services to other businesses, you may be required to provide this information on IRS Form W9 for 1099 purposes. For this reason, it may be prudent to apply for a Federal ID number to further ensure the security of your Social Security number.

Don't give personal information over the phone, through the mail or on the Internet unless you have initiated the contact and are sure of the recipient.

Be careful when you choose a tax preparer. Most preparers provide excellent service, but there are a few who are unscrupulous. Refer to Tips to Help you Choose a Tax Preparer for more details.

For more on this topic, see the special identity theft section on IRS.gov. Also check out IRS Fact Sheet 2014-1, IRS Combats Identity Theft and Refund Fraud on Many Fronts.

Bonnie Lee is an Enrolled Agent admitted to practice and representing taxpayers in all fifty states at all levels within the Internal Revenue Service. She is the owner of Taxpertise in Sonoma, Calif., and the author of Entrepreneur Press book, "Taxpertise, The Complete Book of Dirty Little Secrets and Hidden Deductions for Small Business that the IRS Doesn't Want You to Know." Follow Bonnie Lee on Twitter at BLTaxpertise and on Facebook.

A handful of the world's largest technology companies have reached an agreement with the U.S. Justice Department that will allow the companies to more fully disclose the information they share with the government under national security requirements.

The companies -- Google (GOOG), Facebook (FB), Microsoft (MSFT), LinkedIn (LNKD), Yahoo (YHOO) and Apple (AAPL), came under fire last year when it was revealed that they shared information with the government culled from social media sites operated by and devices sold by the companies.

The embarrassing revelations came to light as part of policy leaks by former security contractor Edward Snowden.

In the wake of those revelations, the tech companies sued the DOJ and the two sides have been litigation for months over the tech companies desire to disclose more about the information they are compelled to give to federal law enforcement agencies, specifically the National Security Agency.

Fox News reported that the agreement announced Monday came about after a recent meeting at the White House prior to President Obama's speech about the NSA. DOJ officials, White House officials and intelligence officials were present at the meeting.

A Government official tells Fox News that President Obama had a line in the speech the next day that was specifically written because of the meeting the night before at the White House. President Obama said something to the effect of "the government seeks to work out a resolution to tech companies wanting to give additional information about these inquiries to their customers."

According to a government official, then the next week on Thursday and Friday Jan. 23 and 24 Deputy AG James Cole held conference calls with the General Counsels of the tech companies.

Half of them came to an agreement during the first call, the second half were on board after last Friday's call.

All tech companies and content providers can start using these rules, not just the 6 big companies who were involved in litigation with the federal government.

As soon as the release is made and this becomes official these tech companies are allowed to start disclosing information on everything except for information that falls under the Foreign Intelligence Surveillance Ace, which will requires a six month lag. Thus, if the information in question happened today, the companies could not release it until 6 months from today.

In addition there will be a delay of two years for data relating to the first order that is served on a company platform, product or service (whether developed or acquired) for which the company has not previously received such an order. In other words if Google comes up with a new platform the NSA wants to look at they have two years to do so before the companies can report on it.

Despite the earnings beat and gross margins that exceeded forecasts, shares of the iPad and Mac maker slumped about 6 percent in after-hours action.

Apple said it earned $13.07 billion, or $14.50 a share, last quarter, compared with a profit of $13.08 billion, or $13.81 a share, a year earlier. Analysts had expected EPS of $14.07.

Revenue rose 5.6 percent to $57.59 billion, narrowly topping the Street's view of $57.46 billion. Gross margins ticked down to 37.9 percent from 38.6 percent a year earlier, beating forecasts from analysts for 37.3 percent and exceeding the high end of management's guidance.

Apple said it shipped a record 51 million iPhones last quarter, which is below consensus calls from analysts for 54.6 million.

Still, that represents a 6.8 percent jump from the year before when it sold 47.79 million devices.

Late last year, Apple announced an agreement to sell its iPhone to China Mobile's 760 million subscribers, a landmark deal after years of hard-fought negotiations that raised expectations for future sales.

The tech giant said it sold 26.04 million iPads during the fiscal first quarter, up from 22.86 million the year before. That exceeded the 24.9 million tablet devices that analysts had projected.

"We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services," Apple CEO Tim Cook said in a statement.

Looking ahead, Apple projected fiscal second-quarter revenue of $42 billion to $44 billion, which is below the Street's view of $46.12 billion. Apple is known for issuing relatively conservative guidance that the company often easily exceeds.

The consumer electronics giant projected second-quarter gross margins of 37 percent and 38 percent as well as operating expenses of between $4.3 billion and $4.4 billion.

Apple said it returned $7.7 billion in cash to shareholders through dividends and share buybacks last quarter, bringing cumulative payments under the company's current program to more than $43 billion.

Still, Apple has been under pressure from billionaire investor Carl Icahn, who has pushed the company to deploy more of its cash stockpile on shareholder-friendly moves like stock buybacks.

The legendary corporate raider revealed buying another $500 million of Apple shares last week. Icahn told FOX Business: "We think it's really, very undervalued and the board is doing a major disservice by not using the greatest cash hoard in history" to buy back more shares. "It's almost criminal," he said of Apple's reluctance on increased share repurchases.

Earlier on Monday, BGC Financial analyst Colin Gillis downgraded Apple to "hold" from "buy," noting that the good news appears to be "priced in." Gillis slapped a "buy" rating on Apple back in April, preceding a 37 percent rally for the tech giant.

"Our commercial segment continues to outpace the overall market, and our devices and consumer segment had a great holiday quarter," Microsoft CEO Steve Ballmer said in a statement.

Microsoft logged a 13 percent jump in devices and consumer revenue to $11.91 billion as Surface revenue more than doubled sequentially to $893 million. The company said it sold 7.4 million Xbox units into the retail channel, including 3.9 million Xbox One consoles.

On the commercial front, revenue increased 10 percent to $12.67 billion thanks to increased market share for the SQL server business and revenue growth for the company's system center and commercial cloud services.

Microsoft offered no update on its search for a successor Ballmer. Earlier this month, Ford (F) CEO Alan Mulally, who had been seen as a front-runner for the top job at Microsoft, removed himself from the race.

Shares of Redmond, Wash.-based Microsoft rallied 2.73 percent to $37.04 in extended trading, putting them on track to extend their 12-month rally of 32 percent.